Getting Closer to Your Dream Home: How to Get a Mortgage When You Don't Have a Credit Score

 Buying a home is a big dream for many people, but what if you don’t have a credit score? Don't worry! If you're working with the Federal Housing Administration (FHA) to get a mortgage, there are ways to show you're good with money even without a credit score. Here are some steps we help our clients take to build a credit story:

If You're Renting a Place:

If you're renting, there are some easy ways to show you're responsible with money:

·         Paying Rent: Regular rent payments can be a good sign of how responsible you are with money.

·         Paying Bills: Paying for things like gas, water, electricity, phone, TV, and internet on time can also help show you're trustworthy.

If You're Not Renting:

Even if you're not renting, there are other ways to build a good money story:

·         Insurance Payments: If you pay for insurance like car, health, or life insurance, it can be a good sign.

·         Paying for School or Childcare: Regular payments for school or childcare show responsibility too.

·         Store Credit Cards and Rent-to-Own: Using store credit cards or rent-to-own plans for things like furniture can help build your story.

·         Paying Medical Bills: If you have medical bills and pay them on time, that's a good sign too.

·         Saving Money: If you save money in a bank account regularly, it shows you're planning for the future.

·         Car Leases and Loans:  If you have a car lease or a loan from someone with clear payback terms, that can help too.

Other Helpful Tips:

There are more ways to build a good money story. Our loan helpers can give advice like:

 Using a Credit Card Wisely: Getting a credit card, using it a little, and paying it off every month can help over time.

Proving You're Responsible:

The big idea is to prove you're responsible with money. Even if these actions don’t show up on a credit report, they can still help you get closer to owning your dream home.

Getting a mortgage without a credit score might seem hard at first, but with some smart steps and the right help, you can make your dream of owning a home come true! Our team is here to help you through every step on the way to your new home!

Step Into Homeownership Smartly: Discover Multi-Unit Homes Up To 4 Units And Have Renters Pay Your Mortgage!"

 Embarking on the journey to owning your first home is exhilarating yet can be challenging due to affordability issues. We present a clever way out—opting for a multi-unit home, up to 4 units. Live in one unit while renting out the rest, and voila! Your renters significantly contribute to your mortgage payments, easing your way into homeownership.

 

Why Choose a Multi-Unit Home?

1. Ease into Homeownership: The rental income can cover a substantial portion of your mortgage payments each month, making homeownership more accessible.

2. Regular Income: By having tenants, you ensure a steady flow of income, which can be a financial cushion or help achieve other life goals.

3. Growing Equity: As you pay off the mortgage and as the property appreciates, you accumulate equity. It’s akin to having a savings piggy bank that grows steadily.

 

How Does It Work?

1. Identify a Suitable Multi-Unit Building: Look for a building with up to 4 units. The more units, the higher the potential rental income.

2. Reside in One Unit: Occupy one unit and make it your cozy home while benefiting from the income generated from the other units.

3. Lease Out the Additional Units: Secure tenants for the other units. Their rent can significantly offset your mortgage payments, sometimes covering it entirely!

 

Getting Started:

We’re here to support you on this exciting venture! Our mortgage solutions are tailored for first-time homebuyers, ensuring a smooth sail towards your dream home. We’ll assist in finding a mortgage that aligns with your budget.

 

Conclusion:

Owning your home while enjoying a smart investment is no longer a far-off dream! A multi-unit home up to 4 units allows you to step into homeownership with the added perk of a steady rental income. Reach out to us to unveil more about this fantastic opportunity!

Get Pre-Qualified today!

Personal Consumption Expenditures (September 2023)

 

The Fed’s favored inflation measure, annual Core PCE, fell to 3.7% for the 12 months ending in September. While this is a 2-year low, it’s still well above the Fed’s 2% inflation target. Will this progress be enough for the Fed to pause rate hikes once again at their Nov. 1 meeting? #pce #inflation #mbshighway #mbssocialshare #mortgagemarketnews #mortgageintheknow

Turning Child Support or Alimony into Your Home Sweet Home: A Simplified Guide

Buying a home is a big dream for many of us, but sometimes our financial situation can feel like a hurdle too high to jump over. However, there's good news if you’re receiving child support or alimony! These funds can actually help you on your journey to homeownership. Let’s break down how this can work in simple terms.

 

1. Understanding Your Income:

 

Firstly, it’s important to know that mortgage lenders like us look at your income to determine how much they can lend you. Income isn’t just your paycheck - it can also include money from child support or alimony. This is where it gets exciting for you!

 

2. Proving Your Income:

 

To count child support or alimony as income, you’ll need to show us some paperwork. Usually, we’ll need to see:

 

·         A court order stating the amount you receive.

·         Proof that you’ve been receiving these payments consistently for at least six months.

·         Proof that you will continue to receive these payments for at least three more years.

 

3. Calculating Your Loan Amount:

 

Once we can see your total income on paper, we can figure out how much money we can lend you. The higher your income, the higher the loan amount you can get. This can get you closer to purchasing that lovely home you have your eyes on!

 

4. Meeting Other Requirements:

 

Besides income, we’ll also look at other things like your credit score and your debts. But don’t worry, we’ll guide you through all these steps to make the process as smooth as possible.

 

5. Getting Pre-approved:

 

Getting pre-approved for a mortgage loan is like getting a golden ticket. It shows sellers that you are serious and ready to buy. Getting pre-approved can be a breeze with your child support or alimony counted as income!

 

Conclusion:

 

Receiving child support or alimony doesn’t have to be a barrier to buying a home. In fact, it can be a stepping stone! With the right paperwork and guidance from your trusted mortgage lender, you can turn those monthly payments into your very own home sweet home. It’s all about taking the right steps and keeping a positive outlook. Your dream home is closer than you think!

 

Remember, every situation is unique, so it’s always a good idea to talk with a mortgage professional to understand your options better.

Local Market Report for October - Plant City, FL.

 

Why Refinancing Your Home NOW Could Save You Big

 Hey homeowners! 🏡 Are you sitting on some extra value in your home and also juggling a lot of card debt? There’s a smart move you might not have considered. Let me break it down for you.

 

What's a Cash-out Refinance?

 

Think of your home as a piggy bank. Over time, as the value of your home has gone up, you’ve put more money into it. A cash-out refinance lets you take some of that extra money out, like breaking open that piggy bank. Why would you do this? To pay off those pesky high-interest credit cards!

 

But Aren't There Extra Costs?

 

Yes, there is a small catch. When you do a cash-out refinance, there’s usually an extra cost. But here's the thing: **waiting for lower rates might actually cost you more in the long run.**

 

Do the Math

 

Imagine you've got a few credit cards and a current mortgage. Add up all the monthly payments and the interest rates on those cards. Now, blend that with your current mortgage rate. You might be surprised to see that the combined rate isn’t much different from today’s mortgage rates.

 

Why Now is the Best Time

 

If you refinance now, you can use the extra money to pay off those high-interest credit cards. This will free up funds every month! 🎉 And when the mortgage rates drop again, you can refinance one more time – but this time without the extra costs.

 

The Bottom Line

 

Refinancing now can:

1. Help you pay off debts faster.

2. Free up money each month.

3. Set you up to save even more when rates drop again.

 

Home is where the heart is – and it can also be where the smart money moves are. Don’t wait. Talk to a mortgage expert today and see how much you could save!

September 2023 Existing Home Sales

Existing Home Sales (September 2023)

Sales of existing homes hit a 13-year low in September as low inventory and elevated mortgage rates remain key headwinds for buyers. Yet, homes are still selling quickly (avg. 21 days on market) and prices are still up year-over-year due to the “pressing need for more housing supply.” #homebuyers #homesellers #homesales #realestate #mbshighway #mbssocialshare #mortgagemarketnews #mortgageintheknow

 

The 2033 Student Loan Forgiveness Plan: Your Pathway to Homeownership

Are you among the countless Americans burdened by student loans, feeling that the dream of homeownership is just out of reach? The 2023 Student Loan Forgiveness Plan might be the answer you've been searching for. Designed to alleviate student debt, this plan is rapidly becoming a lifeline for millions, paving the way to homeownership.

Understanding the nuances of this program can be crucial in determining its benefits for potential homeowners like you. If you've been held back from buying a home due to student loans, now might be your golden opportunity.

For in-depth insights, personalized guidance, and to determine how this groundbreaking initiative can transform your homeownership aspirations into reality, don't hesitate to reach out. Together, we can navigate the intricacies of the 2023 Student Loan Forgiveness Plan and embark on your journey to securing your dream home.

Seeking clarity on the 2023 Student Loan Forgiveness and its impact on homeownership? Dive deep with us and discover the possibilities that await.

Contact me for more information and tailored assistance on your path to homeownership. 

#HomeownershipDreams #StudentLoanForgiveness2023 #YourHomeJourneyBeginsHere

Mortgage Interest Rate Update: What You Need to Know

Hello, homebuyers! It's time for our weekly mortgage interest rate update. Whether you're a first-time homebuyer or you're thinking about refinancing, it's essential to keep an eye on the latest rates. So, let's dive in.

The Latest Numbers

• 30-year fixed rate: Now at 8.01%, this rate has climbed 12 basis points from just last week.
• 15-year fixed rate: Also up by 12 basis points, it currently stands at 7.31%.
• 5/1 ARM: A slight increase here, with a 1 basis point rise to 7.30%.

Why Are Rates Going Up?

Mortgage rates have been climbing recently. One big reason is the Federal Reserve's decision to increase interest rates. They're doing this to fight inflation. But, as a result, it's getting a bit more expensive for folks like us to borrow money for our homes.

How Does This Affect Your Wallet?

Imagine you want to borrow $300,000 to buy a house. If you got a 30-year fixed mortgage at 7%, your monthly payment would be $1,894. But with today's rate of 8.01%, you'd have to pay $2,045 every month. That's an extra $151 per month! Over a year, that adds up.

Any Good News Out There?

Absolutely! Even with higher rates, the housing market has its bright spots. Home prices are still going up, just a bit slower than before. And guess what? Lots of people want houses. Especially millennials, many of whom are looking to buy their first homes.

What Should You Do?

Even with these rate changes, now is still a good time to consider buying a home. But remember: with higher mortgage rates, it's super important to look for the best deal. Before you start house-hunting, get pre-approved for a mortgage. It makes the whole process smoother.

Stay informed, happy home hunting, and always shop around for the best mortgage rate!

Source: Bankrate

Mastering Homebuying in the Face of Growing Student Loan Costs

 The Mounting Pressure of Rising Costs:

For countless homeowners, there's a growing storm on the horizon: rising expenses. The comfort of our homes is being threatened by costs that, seemingly out of nowhere, begin to pile up, placing immense financial pressure on families. These are not just numbers on paper; they impact our daily lives, our children's futures, and our peace of mind.

•  Unexpected hikes in monthly bills
•  Unforeseen expenses that disrupt family budgets
•   Financial surprises that can lead to anxiety and stress

The Student Loan Dilemma

Did you know that one of the significant burdens many families face today is student loan payments? But here's the thing: not everyone is aware of the tools and resources they have at their disposal to tackle this weighty issue. And we're here to shed light on that.

 The Good News: Resources are Here!

No need to feel overwhelmed anymore. We've got some heartening news for you:

1. Adjustable Payment Plans: Your student loan payments can be adjusted according to your current financial situation. If money feels a little tight, there's potential relief available.

2. Student Loan Forgiveness Programs:  Believe it or not, there might be a program available to you right now that can forgive a portion, if not all, of your student loan debt.

However, a word of caution: be wary of those offering to consolidate your federal student loan debt into a private loan. By doing so, you could:

• Lose out on federal protection programs.
• Be robbed of opportunities to reduce or even forgive your student loan payments.

Considering Refinancing? Let’s Dive Deep.

For homeowners juggling credit card debt, adjustable rate lines of credit, and currently low mortgage rates, there's a need to pause and take a detailed look at your financial landscape:

•  Examine Total Expenses: Understand where every penny goes.
•  Blended Interest Rate:  Analyze the combined interest rate on all your debts.

Refinancing isn't a one-size-fits-all solution. For some, it may offer relief, but it's not the answer for everyone.

Get Empowered with Knowledge

This is where we step in. It's of paramount importance to have an expert by your side:

Review the Numbers:  Every situation is unique, and we'll tailor our advice to fit yours.

Present All Options:  We won't keep you in the dark. All available options will be laid out clearly, allowing you to make the best decision for your family's financial health.

  

Seize Control and Secure Your Family’s Future

While it's true that we can't control sudden spikes in monthly expenses, we're not helpless. By understanding our options and preparing in advance, we can provide our families with stability and peace of mind. It's time to get ahead of the curve and sidestep potential financial emergencies.

Together, we've got this. Contact us now, and let's craft a financial strategy tailored just for you.